time until closing

[penguins]

---

Members don't see this ad.

For you guys buying a house,
How long did it take between choosing a loan company and being ready for closing? I thought it would just be a couple of days, but apparantly closing in 2 weeks is consider "soon" and it is cutting it close to get done with the appraisal, etc. 😱
Any input?
Thanks!!!

 

[wook]

For you guys buying a house,
How long did it take between choosing a loan company and being ready for closing? I thought it would just be a couple of days, but apparantly closing in 2 weeks is consider "soon" and it is cutting it close to get done with the appraisal, etc. 😱
Any input?
Thanks!!!

If you are working with a large company for your mortgage, you may need 30 days. I'm working with Bank of America, and they want 30 days. Smaller companies/banks/lenders can probably cut that time in half, if you can SERIOUSLY motivate them.

If you are looking at how long it would take to buy a house, the usual purchase and sales agreement is between 30-45 days. If you are serious about a house, that is probably what will be required, unless you are buying from an estate (ie previous owner is deceased) or from someone who has already moved form the area. It usually takes people 30 days to make arrangements to purchase their next house, get the movers involved, get the financing squared away, etc.

Just my thoughts/experiences. I'm going on my third house and the 30-45 day window has been my experience.

Wook

 

[penguins]

If you are working with a large company for your mortgage, you may need 30 days. I'm working with Bank of America, and they want 30 days. Smaller companies/banks/lenders can probably cut that time in half, if you can SERIOUSLY motivate them.

If you are looking at how long it would take to buy a house, the usual purchase and sales agreement is between 30-45 days. If you are serious about a house, that is probably what will be required, unless you are buying from an estate (ie previous owner is deceased) or from someone who has already moved form the area. It usually takes people 30 days to make arrangements to purchase their next house, get the movers involved, get the financing squared away, etc.

Just my thoughts/experiences. I'm going on my third house and the 30-45 day window has been my experience.

Wook

Thanks,
Been pre-approved (pending a letter from my student loan company that I am in deferment during residency) by large mortgage company, have accepted contract on house to close in 2 weeks.
Another lender that I had been working with and decided against had indicated today that closing in 2 weeks was cutting it close and it kinda frieked me out because I didn't think once you had been approved, etc, it took that much more time.
We started the whole offer, approval thing a few weeks ago so maybe this is within that 30-45 day window that you have had.
All new to me
Thanks!

 

[ekydrd]

...
Been pre-approved (pending a letter from my student loan company that I am in deferment during residency) by large mortgage company... Thanks!

We were preapproved as well, but it still took around 30 days or so. Being preapproved only means you can get the loan and for how much, but not that the loan has been processed. There is a lot of stuff the lenders have to do for a home loan.

Good luck.

 

[maxnm]

It might be posible, but very unlikely. Even if you start today nothing will probably get rolling until monday. Then It takes a few days in the best circumstances to process the loan. Then there is apprasials which will take at least a week th schedule and then a few days to process. Then there is the title company having to receive all the paperwork. I would ask the seller to move closing back at least a week or two. You can even tell them that you will rent it from them for that time if they are not willing.

 

[radonc]

one month is average.
i just sold my place and the people who bought it wanted to close 2 months after signing the contract.

 

[Poety]

Thanks,
Been pre-approved (pending a letter from my student loan company that I am in deferment during residency) by large mortgage company, have accepted contract on house to close in 2 weeks.
Another lender that I had been working with and decided against had indicated today that closing in 2 weeks was cutting it close and it kinda frieked me out because I didn't think once you had been approved, etc, it took that much more time.
We started the whole offer, approval thing a few weeks ago so maybe this is within that 30-45 day window that you have had.
All new to me
Thanks!

I was preapproved on a no doc - and I closed in 1.5 weeks, but I motivated them and it was down to the wire. I found the house on the 17th of March, and closed on March 28th, I also closed on the house I was living in on March 22nd. I do NOT recommend this to anyone it was hell!

 

[Museless]

We closed on our house 25 days after putting in an offer (which was accepted that night). Could've been faster by about a week - we worked with a local bank. We had done the pre-approval about three weeks before putting in an offer; before looking at houses, even. That was our first stop once we decided to buy.